Dogifwhat Price Prediction: WIF open interest hits a new annual high, bullish momentum remains undiminished.

Dogwifhat (WIF) price continued to rise during the Asian afternoon session today (21), currently reported at 1.24 USD, having previously surged 12% on Sunday. The upward momentum of WIF has broken through the 200-day Exponential Moving Average (EMA) and reached a key resistance level of 1.212 USD. Both technical indicators and derivative product data show that as trend momentum strengthens, open interest has reached a yearly high, approaching 600 million USD, indicating a bullish market sentiment.

WIF open contracts surge reflects enhanced bullish sentiment

Coinglass data shows that the WIF open interest (OI) has reached a new annual high of 571.11 million USD, surpassing Sunday’s 482.89 million USD. Typically, as capital inflows into the derivatives market surge, the rise in open interest is often associated with an increase in bullish sentiment.

(Source: Coinglass)

The weighted financing rate for open interest is 0.0182%, indicating a buying tendency due to increased trading activity. The bullish financing rate is paid to balance the spot and swap prices and offset the imbalance caused by increased buying in the derivatives market.

(Source: Coinglass)

WIF Price Analysis

WIF regained the psychological threshold of 1 dollar last week, rebounding from the 200-day MA of 1.066 dollars, rising 12%. However, the bullish trend faces resistance at 1.212 dollars, which aligns with the 50% Fibonacci level from the high of 4.830 dollars on November 13 to the low of 0.304 dollars on April 9.

If the closing price truly exceeds that level, it will set the highest closing price since January 26. According to the Fibonacci levels, the 61.8% level ($1.679) may become direct resistance.

Investors who are on the sidelines can view the 50-day MA breaking above the 100-day MA as a buy signal, as the short-term trend surpasses the mid-term trend. This further increases the likelihood of a golden cross occurring between the 50-day and 200-day MAs.

The Moving Average Convergence Divergence (MACD) and its signal line are showing an upward trend above the zero line. On the same line, the rising green histogram indicates that bullish momentum is strengthening.

As buying pressure increases, the Relative Strength Index (RSI) on the daily chart is at 66, gradually approaching the overbought boundary.

Conversely, a reversal from the level of $1.212 would signal another bullish failure, potentially testing the 200-day EMA at $1.066.

(Source: Trading View)